A house. It’s the single largest investment most families make. It’s where we rest our heads every night. Houses represents the brick and mortar that comprise the very communities in which we live. They provide us with a sense of place to extend our roots downward. We raise our families under the safety and warmth of their rooftops. Our houses become homes. Let’s analyze these structures that are so much more than that, and let’s take a look at how our home market began 2011.
Pending Sales in the MRIS region increased 13.1 percent since January 2010 to 8,654 agreements signed. New Listing activity declined by 15.7 percent, which means sellers placed 12,700 new homes on the market. At this rate, they should expect their properties to seller after approximately 97 days.
Prices declined slightly. The January Median Sales Price dipped by 2.9 percent from last January to $238,000. Negotiations moved toward buyers as Percent of Original List Price Received at Sale fell to 91.4 percent. Months Supply of Inventory grew 3.5 percent to 6.3 months.
Interest rates are expected to remain around 5 percent and prices are expected to rise gradually in many markets. Although the labor department reported that the seasonally-adjusted unemployment rate dropped to 9.0 percent in January, expect joblessness to remain an issue. There’s a steep, jagged rock face behind us; ahead lies a gently inclined grassy plain.
